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South Korea Bourse Set To Snap Losing Streak

(RTTNews) - The South Korea stock market has finished lower in three straight sessions, slipping more than a dozen points or 0.6 percent along the way. The KOSPI now rests just above the 2,120-point plateau although it may stop the bleeding on Wednesday.

The global forecast for the Asian markets suggests mild upside, although plummeting crude oil prices will likely cap any upside. The European and U.S. markets were slightly higher and the Asian bourses are expected to open in similar fashion.

The KOSPI finished modestly lower on Tuesday following losses from the financials and mixed performances from the technology stocks and industrials.

For the day, the index sank 7.72 points or 0.36 percent to finish at 2,122.02 after trading between 2,112.52 and 2,130.86. Volume was 442 million shares worth about 4.03 trillion won. There were 421 decliners and 390 gainers.

Among the actives, Shinhan Financial lost 0.55 percent, while KB Financial skidded 1.39 percent, Hana Financial eased 0.13 percent, Samsung Electronics shed 0.75 percent, LG Electronics advanced 0.91 percent, SK Hynix accelerated 2.00 percent, POSCO tumbled 1.79 percent, SK Telecom climbed 1.36 percent, KEPCO fell 0.39 percent, Hyundai Motor tumbled 2.84 percent, Kia Motors added 0.12 percent and LG Display was unchanged.

The lead from Wall Street is cautiously optimistic as stocks showed a lack of direction Tuesday before ending slightly higher.

The Dow added 69.25 points or 0.26 percent to 26,786.68, while the NASDAQ gained 17.93 points or 0.22 percent and the S&P 500 rose 8.68 points or 0.29 percent to 2,973.01.

The choppy trading seen for most of the day came amid renewed uncertainty about global trade after the U.S. proposed new tariffs on more European goods as part of an ongoing dispute over aircraft subsidies.

While the U.S. and China have agreed to restart stalled trade talks, the news is a reminder that President Donald Trump is fighting a trade war on multiple fronts.

Crude oil prices plunged on Tuesday as concerns about global energy demand outweighed the OPEC decision to extend output cuts. West Texas Intermediate Crude oil futures for August ended down $2.84 or 4.8 percent at $56.25 a barrel, the lowest settlement in about two weeks.
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